INSURANCE INDUSTRY NEWS

P&C Insurer Net Income Drops 26% In H1 2020
Net income for the private U.S. property/casualty insurance industry dropped 26 percent in the first half of 2020, as the effects of COVID-19 began to hurt insurer underwriting results and investment gains, according to Verisk and APCIA. Read more.

Pandemic Can Be Catalyst For Wider Change
With the pandemic taking a significant toll, the industry must partner with clients to address the growing threat of systemic risks, including climate change and cyber threats, said AXA CEO Thomas Buberl in a fireside chat hosted by Aon CEO Greg Case as part of Aon's Virtual Reinsurance Renewal Season series. Read more.

Pandemic Changing Customer Behaviour: CSIO
The Covid-19 pandemic may be the defining event of this generation, broadly impacting the world economy as well as global physical and mental health, but this year has also seen significant shifts in customer behaviour. Canadians are more likely to want to interact with their insurance company by phone – much more than by email. Read more.

Intact’s Possible Offer For RSA Group
RSA Insurance Group plc has received an approach from Intact Financial Corporation and Tryg regarding a possible cash offer for RSA. Intact has provided further information regarding its plans for the RSA businesses in its Canada and Specialty lines segments, and looks forward to engaging with all stakeholders regarding this strategic potential transaction. Read more.

Global Commercial Pricing Up 20% In Q3
Marsh has released its Global Insurance Market Index for the third quarter of 2020. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 19% in the second quarter and 14% in the first quarter. Read more.

Growth Opportunity For Affinity/Program Business
Majesco is pleased to announce the release of a new thought leadership report which reveals that while the affinity and program business market has seen strong growth, there is still significant untapped opportunity to expand and accelerate growth by introducing new products and leveraging new, innovative partnerships within a broader ecosystem. Read more.

Applied Systems Announces Commercial Index
Applied Systems is pleased to announce Applied Commercial Index™, the Canadian insurance industry's commercial lines premium rate index. The rate insights will provide insurers a data-backed reference point to determine competitive rates and enable brokerages to deliver guidance on expected premium rates during renewals and when evaluating new policies. Read more.

Chubb Enhances Proprietary Cyber Index
Chubb has enhanced its proprietary Chubb Cyber Index with robust new capabilities to help organizations of all sizes analyze their cyber exposures to reduce risk. The latest updates provide users with a quantifiable and detailed means of immediately identifying cyber exposures that can impact their operations. Read more.

Innovation Group, Verisk Collaborate To Drive Digital Property Claims Adoption
Innovation Group, a leading global InsurTech and specialist insurance services business, has signed an agreement with Verisk, a leading data analytics provider. This collaboration provides insurers with a consolidated, real-time view of the entire claim lifecycle. Read more.

ClearPay Joins Guidewire PartnerConnect
ClearPay, a leader in payment automation solutions for P&C insurers, and Guidewire Software, the platform P&C insurers trust to engage, innovate, and grow efficiently, have announced that ClearPay has joined Guidewire PartnerConnect as a Solution partner. Read more.

Henderson Insurance Expands With HAL Insurance
Henderson Insurance, Navacord's premier Broker Partner in Saskatchewan and a leader in mid-market commercial insurance and risk management, is pleased to announce its addition of HAL Insurance, effective November 2, 2020. The deal strengthens Henderson's position in the transportation sector and further deepens their expertise. Read more.

Hub International Acquires Stalco Insurance
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Stalco Insurance Ltd. Based in Alberta, Stalco Insurance is a family-owned firm providing commercial and personal insurance. Read more.

Co-operators Acquires Linda Rioux Assurances
The Co-operators is pleased to announce it has purchased Linda Rioux Assurances, headquartered in Warwick, Quebec. The brokerage's portfolio includes home, auto, farm and commercial insurance policies. Any existing insurance coverage will remain in effect for the current policy term. Read more.

Blink Named Among The InsurTech100 For 2020
Blink Parametric, one of the world's leading InsurTechs, has made it onto The InsurTech100 for a second consecutive year. The InsurTech100 is an annual list of the world's most innovative solution providers addressing digital transformation challenges and opportunities within insurance as selected by a panel of analysts and industry experts. Read more.

Foresters Launches New Critical Illness Insurance
Foresters Financial™, the 146-year-old fraternal life insurer, has announced the Canadian launch of Live Well and Live Well Plus, critical illness insurance products focused on the needs of under-served everyday Canadian families. The two offerings represent a comprehensive refresh of critical illness insurance at Foresters with new pricing and expanded benefits. Read more.

Leaders Acknowledge The Power Of Culture
According to a poll of C-suite investment leaders, an overwhelming majority (89%) believe that organizational culture is more important than business strategy in influencing good organizational outcomes. The survey was conducted as part of the Thinking Ahead Institute's Power of Culture leadership study and newly released white paper. Read more.

Can Artificial Intelligence Save The Planet?
Different generations of Canadians have varying views on our progress in the fight against climate change and the potential for technologies such as artificial intelligence and quantum computing to help protect the planet, according to the results of an IBM Canada national survey on technology and the environment, which also reveals differences in perception as to the impact of COVID-19. Read more.

The Broker's Workstation (TBW) features Real-Time Policy Issuance & Integrated Direct Rating. And it does everything you need in one integrated package.

See how CSSI's Broker and MGA solutions can make your business more efficient.

Next Tuesday, November 17, don't miss the debut of the World Insurance Forum!

Hear about How InsurTech Will Shape The Future, and how the evolution of insurance is intertwined with new technologies, from Mark Dowds and Ruth Foxe Blader of Anthemis.

In the InsurTech Spotlight this week:

Apollo Exchange
Apollo Exchange is a digitally enabled insurance marketplace, empowering brokers, consumers, and underwriters to apply for, quote, and bind insurance policies online. Our vision is an industry in which our computers do the work so our people can build relationships Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Six years ago, at our “Insurance 2024” event, speakers touched on ride-sharing – which did take off soon after – and on driverless cars, which drew skeptical comments. Since then, the mobility scene has changed dramatically, with alternative types of transportation and the option of not owning a vehicle now more commonplace. What happened to “autonomous vehicles,” then? They were coming, would be here by 2020, would address the auto-related deaths and accidents. But the hype has been replaced by practicality – self-driving vehicles are a huge challenge. Advances will come in niche applications. “Data” has become the common currency, overtaking “autonomy.” Technology has advanced, making things better, faster, cheaper. That applies to sensors, to internet communications, to computing power, to data storage. All help gather, send and store data, and as a result the data pool – already enormous – is (still) growing quickly. The tools to turn data into insights are becoming more sophisticated as artificial intelligence, machine learning, analytics, etc., develop and advance further. The traditional insurance of indemnifying the customer for a claim is being flipped to risk management, to help customers prevent claims. At the end of the day, what happens to insurance premiums? Doug Grant, CIP Partner Insurance-Canada.ca